Was that Intervention in EUR/CHF?
There was a sharp move intraday in EUR/CHF that smells like intervention…but was it? SNB member Hildebrand and the Bank of International Settlement has declined to comment on the move in the Swiss Franc. The first chart shows today’s price action in EUR/CHF and the second shows the price action of EUR/CHF when the SNB intervened back in March. The move in March was much bigger -- 400 pips compared to today’s 100 pip rally. Therefore I think that the move in EUR/CHF today is most likely NOT related to SNB intervention. Probably a big take profit order to buy back EUR/CHF below 1.4640.
Today’s move in EUR/CHF: 100 pip rally
EUR/CHF chart of March Intervention: 400 pip rally